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v3.25.1

Long-Term Debt | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | NOTE 8 Long-Term Debt Long-term debt consisted of the following:
(in millions) |  | March 31, 2025 |  |  | December 31, 2024 |
Current portion of long-term debt: |  |  |  |  |  |
Current portion of 5-year term loan facility expires 2026 |  | $ | 25 |  |  | $ | 25 |
Current portion of 3-year term loan facility expires 2025 |  |  | — |  |  |  | 150 |
Current portion of 5-year term loan facility expires 2027 |  |  | 50 |  |  |  | 50 |
Total current portion of long-term debt |  |  | 75 |  |  |  | 225 |
Long-term debt: |  |  |  |  |  |
Note agreements: |  |  |  |  |  |
4.500% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2029 |  |  | 350 |  |  |  | 350 |
2.375% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2031 |  |  | 700 |  |  |  | 700 |
4.200% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2032 |  |  | 598 |  |  |  | 598 |
5.650% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2034 |  |  | 599 |  |  |  | 599 |
4.950% senior notes, semi-annual interest payments, net of the unamortized discount, balloon due 2052 |  |  | 592 |  |  |  | 592 |
Total notes |  |  | 2,839 |  |  |  | 2,839 |
Credit agreements: |  |  |  |  |  |
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires October 27, 2026 |  |  | 162 |  |  |  | 169 |
5-year revolving loan facility, periodic interest payments, SOFR plus up to 1.525%, plus commitment fees up to 0.225%, expires October 27, 2026 |  |  | 400 |  |  |  | 250 |
5-year term loan facility, periodic interest and principal payments, SOFR plus up to 1.750%, expires March 31, 2027 |  |  | 350 |  |  |  | 362 |
Total credit agreements |  |  | 912 |  |  |  | 781 |
Debt issuance costs (contra) |  |  | (20 | ) |  |  | (21 | )
Total long-term debt, less unamortized discount and debt issuance costs |  |  | 3,731 |  |  |  | 3,599 |
Current portion of long-term debt |  |  | 75 |  |  |  | 225 |
Total debt |  | $ | 3,806 |  |  | $ | 3,824 |
Note agreements: The Company maintains notes from issuances aggregating to a total outstanding debt balance of $2,850 million exclusive of the associated discount balance as of March 31, 2025 and December 31, 2024. Credit agreements: On March 31, 2025, the Company repaid the outstanding balance on the 3-year term loan facility of $150 million. The Company has credit agreements that include term loans and a Revolving Credit Facility of $800 million, all having similar terms and covenants. The outstanding balance on the term loans was $587 million and $756 million as of March 31, 2025 and December 31, 2024, respectively. There were outstanding balances on the Revolving Credit Facility of $400 million and $250 million as of March 31, 2025 and December 31, 2024, respectively. The Company is required to maintain certain financial ratios and comply with certain covenants. The Company was in compliance with all such covenants as of March 31, 2025 and December 31, 2024. At March 31, 2025, the 1-month Term SOFR Rate for the term loan due October 2026 and the term loan due March 2027 was 4.425%. At March 31, 2025, the 1-month Term SOFR Rate for the Revolving Credit Facility was 4.427%. These SOFR rates are inclusive of a 0.100% credit-spread adjustment per the terms of the relevant agreements. Fair value information about financial instruments not measured at fair value The following table presents liabilities that are not measured at fair value on a recurring basis:
|  | March 31, 2025 |  |  | December 31, 2024 |
(in millions) |  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Long-term debt |  | $ | 2,839 |  |  | $ | 2,641 |  |  | $ | 2,839 |  |  | $ | 2,602 |
The carrying value of the Company's borrowings under various credit agreements approximates its fair value due to the variable interest rate based upon adjusted SOFR. The fair values above, which exclude accrued interest, are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instruments. The fair values of our respective senior notes are considered Level 2 financial instruments, as their values are measured by using observable inputs, other than quoted prices in active markets.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481544/470-10-50-6 Reference 2: 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